EX-11.2 5 d250373dex112.htm EXHIBIT 11.2 Exhibit 11.2

Exhibit 11.2

Supplemental Information

GAAP Reconciliation

The company has provided certain non-GAAP financial measures that exclude the effect of exit and realignment charges incurred in the fourth quarter of 2011 and a pension settlement charge incurred in the fourth quarter of 2010, as the charges are unusual in the company’s history. Management has provided these non-GAAP measures as an additional tool for investors to evaluate the company’s financial performance. These measures should be considered in addition to, rather than as a substitute for, GAAP measures of the company’s performance. The following table reconciles these non-GAAP financial measures to the most closely related GAAP measure.

 

(in thousands except per share amounts)             

Year ended December 31,

    2011     2010  
     GAAP     Adjusted
Non-GAAP		     GAAP     Adjusted
Non-GAAP		  

Operating earnings

    $ 203,515      $ 203,515      $ 195,936      $ 195,936   

Non-GAAP adjustments:

         

Exit and realignment charges

      —          12,708        —          —     

Pension settlement charge

      —          —          —          19,573   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating earnings

    $ 203,515      $ 216,223      $ 195,936      $ 215,509   
  

 

 

    

 

 

    

 

 

    

 

 

  

Numerator:

         

Net income

    $ 115,198      $ 115,198      $ 110,579      $ 110,579   

Non-GAAP adjustments:

         

Exit and realignment charges, net of tax(1)

      —          7,714        —          —     

Pension settlement charge, net of tax(2)

      —          —          —          11,918   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net income

      115,198        122,912        110,579        122,497   

Less: income allocated to unvested restricted shares

      (1,059 )      (1,117 )      (1,167 )      (1,267 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to common shareholders - basic

      114,139        121,795        109,412        121,230   

Add: undistributed income attributable to unvested restricted shares - basic

      480        538        555        655   

Less: undistributed income reallocated to unvested restricted shares - diluted

      (479 )      (537 )      (553 )      (653 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to common shareholders - diluted

    $ 114,140      $ 121,796      $ 109,414      $ 121,232   
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

         

Weighted average shares outstanding - diluted

      62,924        62,924        62,563        62,563   

Net income per diluted share attributable to common shareholders

    $ 1.81      $ 1.94      $ 1.75      $ 1.94   

 

(1)

Calculated using an effective tax rate of 39.3% for 2011

(2)

Calculated using an effective tax rate of 39.1% for 2010